IMPEDIMENTS AND OBSTACLES AFFECTING THE SMOOTH AND DEVELOPMENT OF ENTREPRENEURIAL PURSUIT IN NIGERIA

IMPEDIMENTS AND OBSTACLES AFFECTING THE SMOOTH AND DEVELOPMENT OF ENTREPRENEURIAL PURSUIT IN NIGERIA

CHAPTER ONE

BACKGROUND OF THE STUDY

1.0 Introduction

The principle of entrepreneurship has been a very long, but for the purpose of this study, we will deal with only the important aspect that strike our interest, that is removing impediment to growth and development of entrepreneurial pursuit in Nigeria. Statistic service the fact that business no matter what their size are, set up by individuals, the person who organizes and manages a business and assumes some risk in order to make a profit is an entrepreneur. The theory of economic observed that entrepreneur is a name given to owner/manager of a firm. He is also the organizer and risk bearer of a business enterprise.

When one consider the growth of Nigerian enterprise in the past decades, it is impressive to note that the economic institution of small business is the further of big business rather that its offspring. Business is categorized according to their sizes, thus we well large business, medium scale business as well as small scale business. Nations economic development is influenced largely by the enterprising spirit of its citizens, this is a characteristic of entrepreneur who due to thirty small scale businesses constitute a vital sector in the nation’s economy.

It is a datum fact that are obstacles or what is called e entrepreneurial risks and hazards that development of entrepreneurial pursuits in Nigeria, there are virtually lot of impediments that has constituted to the poor development of an entrepreneurial pursuits in Nigeria, hazard arising from political crises, like strike, fire outbreak, economic depression, inflation that is persistence increase in the price of commodity constitutes Hazard to entrepreneur. The study intends to consider the possibility of reducing those factors as well as suggesting strategy that should be adopted to minimize this Impediment.